Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of RMB 9.0, equivalent to HKD 9.9 [3][8]. Core Insights - The company is a leading vocational training institution in China, leveraging its extensive national presence and brand strength to meet the strong demand for skilled labor [8]. - Projected net profits attributable to shareholders for 2025-2027 are RMB 798 million, RMB 1.00 billion, and RMB 1.13 billion, with EPS of RMB 0.36, RMB 0.45, and RMB 0.51 respectively [8]. - The company is expected to experience significant revenue growth, with a 10.2% year-on-year increase in revenue for the first half of 2025 [15]. Financial Summary - For the first half of 2025, the company reported revenue of RMB 2.19 billion, a 10.2% increase year-on-year, and a net profit attributable to shareholders of RMB 403 million, up 48.4% year-on-year [15]. - The gross profit margin improved to 57.3%, reflecting effective cost control and business expansion [15]. - The company’s revenue segments showed overall positive performance, with culinary technology revenue increasing by 11.4% year-on-year and fashion and beauty revenue soaring by 90.2% year-on-year [16]. Segment Performance - Culinary technology revenue reached RMB 1.02 billion, with a gross profit margin of 60.5% [16]. - The fashion and beauty segment saw a remarkable growth of 90.2% year-on-year, with a gross profit margin of 61.4% [16]. - The company operates 234 schools and centers across almost all provinces in mainland China and Hong Kong, indicating a strong national footprint [17].

Core Viewpoint - China Oriental Education (00667.HK) has signed a strategic cooperation agreement with JD Technology Group to enhance vocational education and align it with industry needs, focusing on talent cultivation and course development [1][10]. Group 1: Strategic Cooperation - The partnership will focus on building industry colleges, talent training, course development, and internship employment [1][10]. - Both parties aim to create an integrated e-commerce talent training system that includes course learning, practical training, skill certification, and employment output [11][12]. Group 2: Educational Innovation - The collaboration will emphasize the development of e-commerce specialty programs and the formulation of digital economy talent training plans [11][12]. - Discussions at the "JD Industry College Strategic Cooperation Exchange Conference" highlighted innovative models for school-enterprise cooperation and modern industry college construction [12]. Group 3: Industry Integration - The cooperation is seen as a significant step towards deepening the integration of education and industry, aligning educational content with technological advancements in the industry [15]. - China Oriental Education aims to provide a learning platform that closely meets the real needs of enterprises, contributing to the cultivation of skilled talents [15].

Core Viewpoint - China Oriental Education (00667) is recognized as a leading vocational training institution in China, leveraging its strong national presence and brand power to meet the robust demand for high-skilled talent in the labor market. The company is projected to achieve net profits of 798 million yuan, 1.004 billion yuan, and 1.128 billion yuan for the years 2025-2027, with corresponding EPS of 0.36 yuan, 0.45 yuan, and 0.51 yuan. A target price of 9.0 yuan (approximately 9.9 HKD) is set based on a 20X PE valuation for 2026, maintaining a "Buy" rating [1]. Financial Performance - In the first half of 2025, the company's revenue grew by 10.2%, reaching 2.186 billion yuan, while net profit increased significantly by 48.4% to 403 million yuan. The adjusted net profit was 416 million yuan, reflecting a 49.5% year-on-year growth. The gross margin improved to 57.3%, up by 4.3 percentage points. The expense ratios for sales, management, and finance were 22.47%, 10.79%, and 2.51%, showing decreases of 0.94, 2.11, and 0.60 percentage points respectively [2][3]. Segment Performance - Revenue from culinary technology reached 1.024 billion yuan, up 11.4%, with a gross margin of 60.5% (an increase of 5.2 percentage points). Western pastry and cuisine generated 182 million yuan, growing by 14.3% with a gross margin of 60.4% (up 6.6 percentage points). Information technology and internet technology revenue declined by 3.0% to 367 million yuan, but the gross margin improved to 57.6% (up 3.5 percentage points). Automotive services revenue was 492 million yuan, a 9.6% increase, with a gross margin of 54.7% (up 0.6 percentage points). Fashion and beauty services saw a remarkable growth of 90.2% to 77 million yuan, with a gross margin of 61.4% (up 8.8 percentage points). Other business revenue increased by 18.2% to 44 million yuan, but the gross margin was negative at -8.6% (up 23.6 percentage points) [4]. Business Expansion - As of the first half of 2025, the company operates 234 schools and centers across almost all provinces in mainland China and Hong Kong, having recently acquired Shanxi Metallurgy Technician College. The average number of trainees for long-term courses was 134,100, reflecting a 4.9% year-on-year increase, accounting for 87.8% of total trainees. However, there was downward pressure on long-term training participants, with 1-2 year, 2-3 year, and 3-year participants showing year-on-year changes of +85.4%, -8.1%, and -0.4% respectively. New enrollments reached 83,500, a 7.1% increase compared to the previous year [5].

Core Viewpoint - China Oriental Education (00667) is recognized as a leading vocational training institution in China, leveraging its strong national presence and brand power to meet the robust demand for high-skilled talent in the labor market [1] Financial Performance - In the first half of 2025, the company's revenue reached 2.186 billion yuan, reflecting a year-on-year growth of 10.2%, while the net profit attributable to shareholders was 403 million yuan, marking a significant increase of 48.4% [3] - The gross profit margin improved to 57.3%, an increase of 4.3 percentage points, indicating effective cost control alongside business expansion [2][3] Segment Performance - Revenue from culinary technology was 1.024 billion yuan, up 11.4%, with a gross margin of 60.5% [4] - Revenue from pastry and western cuisine reached 182 million yuan, growing 14.3%, with a gross margin of 60.4% [4] - Information technology and internet technology revenue declined by 3.0% to 367 million yuan, but the gross margin increased to 57.6% [4] - Automotive services generated 492 million yuan, a 9.6% increase, with a gross margin of 54.7% [4] - Fashion beauty industry revenue surged by 90.2% to 77 million yuan, with a gross margin of 61.4% [4] - Other business revenue was 44 million yuan, up 18.2%, but with a negative gross margin of 8.6% [4] Business Expansion - As of the first half of 2025, the company operates 234 schools and centers across almost all provinces in mainland China and Hong Kong, having acquired Shanxi Metallurgy Technician College during the period [5] - The average number of trainees for long-term courses was 134,100, a year-on-year increase of 4.9%, accounting for 87.8% of total trainees [5] - New enrollments reached 83,500, reflecting a 7.1% increase compared to the previous year [5]

Investment Rating - The report maintains a "Buy" rating for China Oriental Education, indicating a positive outlook for the company's stock performance relative to the local market index [14][21]. Core Insights - The company is expected to experience a dual improvement in performance and valuation, driven by its strong brand influence in various training sectors such as culinary arts, pastry, information technology, and automotive services [2][14]. - Revenue for the first half of 2025 is projected to grow by 10.2%, with a gross margin increase to 57.3%, reflecting effective business expansion and cost control [2][14]. - The company operates 234 schools and centers across mainland China and Hong Kong, with a steady increase in training participants [4][14]. Financial Summary - Revenue projections for the years 2024 to 2027 are as follows: - 2024: 4,116 million RMB - 2025: 4,585 million RMB (up 11%) - 2026: 5,088 million RMB (up 11%) - 2027: 5,591 million RMB (up 10%) [5][12] - Net profit forecasts for the same period are: - 2024: 513 million RMB - 2025: 798 million RMB (up 56%) - 2026: 1,004 million RMB (up 26%) - 2027: 1,128 million RMB (up 12%) [5][12] - Earnings per share (EPS) estimates are: - 2024: 0.24 RMB - 2025: 0.36 RMB - 2026: 0.45 RMB - 2027: 0.51 RMB [5][12]. Market Performance - The stock price has fluctuated between 2.43 and 9.05 HKD over the past 52 weeks, with a current market capitalization of 13,808 million HKD [8][12]. - The report suggests a target price of 9.0 RMB, equivalent to approximately 9.9 HKD, based on a 20X PE valuation for 2026 [14].

Group 1 - The "2025 Science and Technology Investment Conference" was held in Hefei, Anhui, focusing on the integration of technology innovation and industrial innovation to drive high-quality development [1][5] - The conference gathered nearly a thousand representatives from government, industry, investment, and research sectors to discuss the cultivation of future industries through patient capital [1][3] Group 2 - China Oriental Education Holdings Limited was awarded the "Anhui Influential Company (Hong Kong Stock)" for its continuous innovation and contributions in vocational education and skills training [6][10] - The award reflects the recognition of the company's brand value and development achievements by the capital market and industry [6][11] Group 3 - The Anhui provincial government emphasizes the importance of vocational education as a key bridge connecting talent cultivation and industrial demand, aligning with national strategies for technological self-reliance and innovation [3][8] - Anhui aims to create a favorable innovation environment and high-quality industrial ecosystem, fostering collaboration among various enterprises and providing more investment opportunities [3][8]

Core Viewpoint - The forum highlighted the transformative role of AI in reshaping brand logic and driving industrial advancement, with a focus on vocational education as a cornerstone for talent supply in the digital economy [1][9]. Group 1: Challenges in Vocational Education - The rapid development of the digital economy has led to three core challenges in vocational education: outdated curriculum, difficulties in practical training implementation, and insufficient collaboration between schools and enterprises [3][11]. - AI technology is seen as a key pathway to address these structural challenges, supported by the upcoming policies such as the "Guidelines for the Construction of a Comprehensive Standardization System for the AI Industry" and the "Education Strong Nation Construction Plan (2024-2035)" [3][11]. Group 2: Curriculum Development - China Oriental Education has developed a dynamic "job capability profile" based on extensive job demand data, allowing for monthly updates to course content [3][11]. - In 2024, new modules on cutting-edge technologies like HarmonyOS development and AI visual recognition were added, resulting in a 45% increase in alignment with industry needs and a 25% improvement in student skill qualification rates compared to traditional models [3][11]. Group 3: Practical Training Innovations - The institution employs a dual-track model of "virtual simulation + practical projects," utilizing AI and VR/AR technologies to create a highly realistic "digital twin factory" that simulates complex operational environments [5][13]. - This approach has led to a 45% reduction in training costs per specialty, a 60% increase in resource utilization, and a 30% decrease in the adaptation period for graduates entering the workforce [5][13]. Group 4: Industry Collaboration and Future Plans - To bridge the gap between talent cultivation and employment, China Oriental Education has established a deep school-enterprise integration mechanism, exemplified by partnerships with companies like Beijing Prophet Technology to create AI talent training bases [6][13]. - The company aims to achieve nationwide coverage of AI training rooms in three years, train 1,000 "AI + specialty" composite backbone teachers, and build 20 high-level AI talent training bases, emphasizing a model that is "job-oriented, technology-driven, and integrated with industry education" [8][15].

Core Viewpoint - The "14th Five-Year Plan" emphasizes the construction of a modern industrial system, focusing on the real economy and accelerating the development of strategic emerging industries such as new energy and aerospace [1][2]. Group 1: Policy Opportunities - The "14th Five-Year Plan" provides a clear development direction for vocational education, aligning with national strategic needs to cultivate high-quality technical talent [2]. - The plan places a strong emphasis on deepening the integration of industry and education, prompting companies to align their talent development with the needs of the real economy [2][4]. Group 2: Educational Innovations - China Oriental Education is upgrading traditional "school-enterprise cooperation" to a strategic collaboration with industry leaders, implementing a "customized training" model that includes tailored courses and practical training [2][3]. - The company has established training bases that replicate real production environments, ensuring that students' training aligns closely with industry standards, facilitating a seamless transition from classroom to workplace [3]. Group 3: Emerging Fields and Market Demand - The company is proactively optimizing its professional layout to ensure alignment with market demands, particularly in emerging fields like new energy and intelligent manufacturing [4]. - New programs such as drone application technology are being introduced to address talent shortages in specific industries, enhancing graduates' employability and competitiveness [4]. Group 4: Quality Improvement and Modernization - The company is committed to improving course systems, enhancing faculty quality, and investing in digital and intelligent education to modernize vocational training [5]. - A unique "skill value enhancement" model is being developed, linking skill levels to salary structures, thereby increasing the competitiveness of graduates in the job market [4].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國東方教育控股有限公司 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00667 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,800,000,000 | HKD | | 0.0001 | HKD | | 380,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,800,000,000 | HKD | | 0.0001 | HKD | | 380,000 | 本月底法定/註冊 ...

Key Points - On November 21, Tencent Holdings (00700), Xiaomi Group-W (01810), and Alibaba-W (09988) ranked as the top three in net inflow of southbound funds, with net inflows of 1.735 billion, 1.270 billion, and 1.156 billion respectively [1] - The top three in net outflow of southbound funds were Yingfu Fund (02800), Hang Seng China Enterprises (02828), and Southern Hang Seng Technology (03033), with net outflows of -5.138 billion, -1.106 billion, and -0.424 billion respectively [1] - In terms of net inflow ratio, Shenzhen Expressway Company (00548), China Everbright Bank (06818), and Xin Ao Energy (02688) led the market with ratios of 58.43%, 57.75%, and 56.76% respectively [1] - The top three in net outflow ratio were Wisdom Hong Kong 100 (02825), China Oriental Education (00667), and China Tobacco Hong Kong (06055), with ratios of -100.00%, -67.02%, and -59.95% respectively [1] Net Inflow Rankings - Tencent Holdings (00700) had a net inflow of 1.735 billion, representing an increase of 11.98% in its closing price of 610.000, down by 1.77% [2] - Xiaomi Group-W (01810) saw a net inflow of 1.270 billion, with a net inflow ratio of 8.03% and a closing price of 38.080, up by 1.01% [2] - Alibaba-W (09988) recorded a net inflow of 1.156 billion, with a net inflow ratio of 5.51% and a closing price of 147.600, down by 4.65% [2] Net Outflow Rankings - Yingfu Fund (02800) experienced the highest net outflow of -5.138 billion, with a net outflow ratio of -27.71% and a closing price of 25.360, down by 2.46% [2] - Hang Seng China Enterprises (02828) had a net outflow of -1.106 billion, with a net outflow ratio of -24.09% and a closing price of 91.020, down by 2.59% [2] - Southern Hang Seng Technology (03033) recorded a net outflow of -0.424 billion, with a net outflow ratio of -3.05% and a closing price of 5.270, down by 3.66% [2] Net Inflow Ratio Rankings - Shenzhen Expressway Company (00548) led with a net inflow ratio of 58.43%, with a net inflow of 4.4352 million and a closing price of 7.430, down by 1.59% [3] - China Everbright Bank (06818) followed with a net inflow ratio of 57.75%, with a net inflow of 83.2548 million and a closing price of 3.560, down by 3.52% [3] - Xin Ao Energy (02688) had a net inflow ratio of 56.76%, with a net inflow of 2.55 billion and a closing price of 69.250, down by 0.57% [4] Net Outflow Ratio Rankings - Wisdom Hong Kong 100 (02825) had a net outflow ratio of -100.00%, with a net outflow of -47,000 and a closing price of 29.380, down by 2.84% [4] - China Oriental Education (00667) recorded a net outflow ratio of -67.02%, with a net outflow of -38.7559 million and a closing price of 5.550, down by 2.80% [4] - China Tobacco Hong Kong (06055) had a net outflow ratio of -59.95%, with a net outflow of -1.27 billion and a closing price of 33.240, down by 3.60% [4]